Monday, August 10 2020


Việt Nam, Israel promote economic cooperation

Update: March, 22/2017 - 09:00
Staff from Lam Sơn high-tech agricultural centre, which applies advanced planting technologies from Israel, tend flowers. High-tech agriculture is among promising sectors for bilateral co-operation between Việt Nam and Israel.- VNA/VNS Photo Khiếu Tư
Viet Nam News

HÀ NỘI — Deputy Prime Minister Vương Đình Huệ welcomed Israeli President Reuven Rivlin at a joint business forum yesterday to advocate mutual economic, trade and investment relations between the two nations as part of Rivlin’s state visit to Việt Nam.

The Deputy PM praised Israel’s interest in Việt Nam’s business and economic environment, especially in areas where Israel has an advantage such as high-tech agriculture, animal husbandry, renewable energy and smart grid development.

“There are many things Việt Nam can learn from Israel, and I hope Vietnamese businessmen can use this opportunity to its fullest. Israel as the world best startup nation can offer many lessons on this matter, and your entrepreneurs are welcomed here. Bilateral trade has increased six-fold in six years, but we have only begun to tap its potential together. Việt Nam can offer Israel a gateway to the ASEAN market in areas such as high-tech agriculture, water system management and even online security,” said Huệ.

Huệ also promised to create favourable conditions for Israeli businesses with a more suitable legal framework to aid the two sides in signing a free trade agreement and create more partnerships.

President Rivlin emphasised the importance of cooperation with Việt Nam and said he expected businesses from Israel to work closely with their Vietnamese counterparts in many areas from education and technology to fertiliser production.

“Việt Nam is a regional power in Asia that can bring added value into partnerships with other countries, and the Vietnamese market economy is growing at a steady pace. Our commercial partnership includes a large variety of goods and services, and there is so much more to do. Our cooporation will let us face global challenges and benefit humanity, but we also need your help on matters such as intellectual property protection and for our free trade agreement to move forward,” said Rivlin.

Việt Nam Chamber of Commerce (VCCI) Chairman, Vũ Tiến Lộc, said he was pleased that the two countries’ leaders and entrepreneurs were coming together for a better future.

“The need for a startup ecosystem in Việt Nam is vital and urgent, as well as investment in the agricultural sector in order to create momentum for development. That is why we need Israel’s help through technological transfer and shared experience,” said Lộc.

According to VCCI’s data, as of 2016, total trade turnover between Việt Nam and Israel reached more than US$1.2 billion, with Việt Nam exporting $554 million and importing $683 million.

Israel is ranked 54 out of 116 countries and territories investing in Việt Nam with nine foreign direct capital projects, as well as high-tech agricultural and diary farms.

President Rivlin will visit several key projects of collaboration between Israel and Việt Nam on Thursday and Friday.

One such investment is the VinEco project run by the VinEco company as part of Vingroup Corp. and Israeli firms Netafim and Teshuva Agricultural Projects with an investment of more than $38 million in Tam Đảo, Vính Phúc Province.

The President will also visit a model dairy farm in HCM City in its fifth year of operation, founded by the Israeli Ministry of Foreign Affairs and the HCM City People’s Committee. — VNS

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